WASHINGTON, DC – For the first time since 1973, the United States has overtaken Russia and Saudi Arabia as the world’s largest producer of crude oil, according to preliminary estimates from the U.S. Energy Information Administration.
In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999. The agency expects the U.S. will continue to top Russia and Saudi Arabia for the remainder of this year and through 2019.
This historic milestone underscores the profound impact of Congress repealing the antiquated 40-year ban on crude oil exports in 2015. Thanks to the multi-year, multi-Congress efforts of the Energy and Commerce Committee and full committee Vice Chairman Joe Barton (R-TX), lifting the ban enabled companies to take advantage of global energy markets and has resulted in more American jobs, a stronger economy, greater energy security, and lower emissions.
A top priority for the Energy and Commerce has been maximizing our energy abundance by modernizing outdated laws created in the 1970s amid energy scarcity and global market turmoil. Recently, the committee advanced legislation to preserve and upgrade our nation’s Strategic Petroleum Reserve (SPR) infrastructure. The SPR remains an important energy security asset, which is why this committee has focused on its modernization.
In October of 2015, the House passed H.R. 702, bipartisan legislation that eliminated the ban on crude oil exports. The measure was also added to the committee’s energy bill. H.R. 8, the North American Energy Security and Infrastructure Act and passed the House in December of 2015. The third time proved to be a charm though, and the provisions from H.R. 702 were included as part of the 2015 year-end budget deal.
Last week, the Energy and Commerce Committee advanced H.R. 6511, the Strategic Petroleum Reserve Reform Act, authored by committee Vice Chairman Joe Barton (R-TX) and Rep. Bobby Rush (D-IL), by voice vote.
To learn more, visit the U.S. Energy Information Administration’s website HERE.